Obtaining only a Loan Estimate for a Smart Refinance
A Loan Estimate provides important details about your loan, including the estimated interest rate, monthly payment and total closing costs. A banker can help you obtain a Loan Estimate without completing a full loan application.
What’s a U.S. Bank Smart Refinance?
It’s a no-closing-cost mortgage refinance option that lets you take advantage of lower rates, get cash out at closing and change your loan term to 5, 10, 15 or 20 years. The application process is streamlined for loans under $200,000.
Smart Refinance rates
Rates listed above may vary by region and are subject to change. These rates may be available when:
- Your loan amount is between $50,000 and $200,000.
- Your loan-to-value ratio (LTV) is 70% or lower.
- Your FICO® Score is 730 or higher.
- You have a U.S. Bank personal checking or savings account with autopay.
Reap the benefits of a U.S. Bank Smart Refinance.
Enjoy a convenient experience.
The application process for a U.S. Bank Smart Refinance is fast and easy. Get started online or get personalized attention over the phone or in any branch. Your loan closing will take place at a U.S. Bank branch near you.
Lock in competitive interest rates with 5, 10, 15 and 20-year terms. In addition, there are no out-of-pocket costs, including:
- No closing costs
- No origination fees
- No prepayment penalties
- No application processing fees
Get cash out.
Easily tap into the equity you’ve built in your home by getting cash out at closing. Then use your money for home improvement projects, major purchases, debt consolidation or other needs.
Find answers to your questions.
Deciding how and whether to leverage your home equity doesn’t need to be confusing. Check out the answers to these most frequently asked questions. You can also compare your options or get a home equity recommendation. Still not sure what’s best for you? Call us at 866-829-2347. We’re here to help.
- Application – you can start your application online, by calling 866-829-2347, or by visiting a nearby U.S. Bank branch.
- Documentation – we’ll contact you after we’ve reviewed your application. We’ll need proof of income and insurance and will let you know if we need any other documents.
- Property appraisal – we’ll work with an appraiser to determine the value of your property. The appraiser may reach out to you if needed.
- Closing – if your Smart Refinance is approved, we’ll call to schedule your closing.
It’s a first mortgage. Unlike a home equity loan, a Smart Refinance is a first lien against your home, not a second.
It’s a loan. It has a fixed rate and a term up to 20 years.
No. It can only be used to refinance an existing mortgage on your existing primary residence. If you want to purchase a new home, explore your options with U.S. Bank Home Mortgage.
Consult your tax advisor.2
Yes. Providing you have enough equity in your home, you can consolidate all of your debt into a Smart Refinance. This includes a home equity loan, a line of credit, credit card, car loan or any other debt.
We offer terms up to 20 years, including 5-year, 10-year and 15-year terms, with no closing costs.